Did I mentioned few months ago that Republicans are Traitors....RATs and the Republican party should be banned from existence just like the Commies were in 1950s. In a way Democrats are traitors too because they would only talk and not take decisive actions against the RATs. Bottomline is US is fuckkkkked either ways......financially it is depression with banks starting to fail now, culturally.......what else you expect when faggggs and dykeeees are given rights and child molesters get to spend some decades of vacation at the cost of tax payers instead of getting a quick bullet in a matter of weeks. Only Militarily US is ok, so it is time for some Military dictator to take hold of the power and set things right.
You don't think these have gone on for years? I sold houses to buyers with "liar loans" as they are now called back in the early 90s. They weren't called "liar loans" back then. OldTrader
"Obama finally declared this weekend that he's going to start running for President of the United States instead of class president."---oct 29, 2007.--http://www.huffingtonpost.com/arianna-huffington/welcome-to-the-campaign-_b_70335.html Pull up a chart of the s&p for the last couple of years and see what Obama has done to the market since oct of 07. For an even more illustrative look, pull up xlf and kbe to see how the obama phenomena has effected bank stocks.
When I bought my first home in the early 90's you could get fixed rate or variable loans but it was with full docs. There was no negative amortization, there were no no-docs, no interest only. Sure, there was subprime, but the rates were much higher and the loans weren't being stuffed into CDOs and SIVs without transparency. Sure, there were some bad loans -- maybe 1% -- and the low level of bank writeoffs back then prove that. What happened in 2004, 2005 is that the R.E. industry, the builders, the lenders all actively marketed easy money recklessly. And where was the Fed, the SEC, FDIC and other agencies? Looking the other way because the Bush admin told them to (after getting a nice payoff from K street, i bet). Throw the bums out.
In the 90s and my first trial was representing a mortgage broker. The big difference in California back in the mid 90s was that , conventional loans did not get to 100%. They only got part of the way there. Then the hard money guys came in. Back then seller carry back and 2nd and 3rd trust deeds came with a premium. Basically Wall street came in and took the premium down from 3-5 points to negative and once they took the premium out then they started to qualify laborers for 500,000 dollar loans. No one would have done that with their own money. It was all designed to make short terrm bonuses and screw investors. Why did the fed allow lending standards to be erased as the bubble got frothier? whoever owns the fed (it is privately owned) has the power to debase the currency and take over all land at the same time. Have you read about them taking in mortgages in exchange for bonds. Why should I believe the Fed is not going to continue debase our currency and take the deeds to our property. How many traders would not be happy to own U.S. ?
Makes you grateful for the near misses. As in what Newt "Moonbeam" Gingrich would have done for Social Security, to name one piece of national treasure the Republicans couldn't get their mitts on (not yet anyway). I for one wouldn't have relished seeing poor and even merely less affluent retirees pushed onto the streets and into soup lines just to fatten the accounts of the next wave of Blodgetts and Grubmans. Moonbeam and fellow travelers would have done exactly that. They're not done, of course, just looking for new cover in view of the current turmoil. Notice how even the right leaners on ET, never a reticent crowd, have clammed up? Since the motive for these "conservative" scams always is with us, the question isn't if another comes down the pike, only when.
Actually your information about mortgages is wrong, and inadequate. But the point here was not to determine what you knew about mortgages. You made the point above. The banking business is regulated by a variety of government agencies. As you say....where were they? But certainly, there were various government agencies. And had someone been concerned they could have come forward. What we see now is all hindsight.....to include your points. Yet now what you originally told is that you want even MORE regulation. So what did not work to begin with, you want to expand. Do you really have that type of faith in your government? LOL. OldTrader